Former Bank of Italy Governor Sentenced to Four Years in Jail

May 28, 2011, 12:57 PM EDT By Francesca Cinelli

May 28 (Bloomberg) -- Antonio Fazio, a former Bank of Italy governor, was sentenced to four years in jail by a Milan court for his role in the takeover attempt of Banca Antonveneta SpA by Banca Popolare Italiana Scrl, lawyer Franco Coppi said today in a telephone interview.

Fazio was also ordered to pay a 1.5 million-euro fine ($2.15 million), Coppi, who represented Fazio, said. Coppi said he would appeal the decision.

Francesco Frasca, former head of oversight at the central bank, was absolved by the court, Coppi said. Coppi and lawyer Roberto Borgogna assisted both Fazio and Frasca.

--Editors: Tim Farrand, Sara Marley

To contact the reporter on this story: Francesca Cinelli in Milan at fcinelli@bloomberg.net

To contact the editor responsible for this story: James Ludden at jludden@bloomberg.net

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